Banks in Cyprus have seized over 14,000 properties from businesses and
households either against debts or through foreclosures or through a partial
sale to a fund.
Because debtors are unable to meet their obligations, non-performing loans
have brought upheaval and as a result more than 14,000 bankrupt
properties – commercial, residential, tourist, small apartments, small shops,
farmland – are now set to change hands with the new owners being either
local or international players in real estate.
A system has developed around funds and companies managing red loans... [
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'Moreover, a luxurious house which is part of “The Residence” development in Limassol’s Saint Raphael area is now up for sale by REMU at the price of € 9.7 million.'
'Moreover, a luxurious house which is part of “The Residence” development in Limassol’s Saint Raphael area is now up for sale by REMU at the price of € 9.7 million.'
The Bank Of Cyprus used to have a page on their site but at the moment
it is just taking you back to the home page. They do car auctions as well
and these appear to be more regular.
The auctions are normally advertised in the press - though sometimes it
is short notice.
Only my opinion but from what I have seen previously the auctions don't
have low reserves.
Here's an example from an auction in March by Hellenic:
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BTW The Govt is looking at changing the law to allow online auctions of
property but how long this will take is anyones guess.
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